Abstract
The classic view of the theory of foreign trade that unfettered international exchanges of goods enhance the economic welfare of all participating nations is gaining more and more ground in the discussions about development policy. Since past experience has shown capital aid alone to be incapable of lessening the prosperity differential between the North and the South, the “Aid by Trade“ strategy is now of increasing importance. There is however no panacea which would embrace the developing countries more closely in the international goods exchanges.
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